What are the limits and restrictions when sending money abroad?
When sending money abroad with Remitbee, there are specific limits and restrictions based on your verification level. Additionally, there may be extra limits imposed by the recipient’s country or financial institutions.
Limits According to Verification Levels
| Verification Level | Daily Sending Limit | Monthly Sending Limit | Daily Exchange Limit |
|---|---|---|---|
| Level 1 | $1,000 CAD | $3,000 CAD | $9,000 CAD |
| Level 2 | $3,000 CAD | $25,000 CAD | $250,000 CAD |
| Level 3 | $9,000 CAD | $50,000 CAD | $500,000 CAD |
| Level 4 | $20,000 CAD | $200,000 CAD | $500,000 CAD |
Additional limits imposed by Recipient's Country or Financial Institutions
Beyond the limits set by Remitbee, the recipient’s country or financial institutions may impose additional restrictions. These can include:
Amount per single transaction: Some countries or banks may limit the maximum amount that can be sent and received in a single transaction.
Monthly/Yearly limits: There may be caps on the total amount that can be sent and received within a month or a year.
Amounts based on the type of Recipient: Different limits may apply depending on whether the recipient is an individual or a business.
Amounts based on the Receiving method: Limits can vary based on whether the money is received via bank transfer, cash pickup, or other methods available.
Important Considerations
It's always a good idea to double-check with the recipient if there are any specific limits or restrictions. However, usually, if there are any known limitations, Remitbee will showcase them during the transfer process in alert boxes to ensure you are aware.